OGR July - August Edition 2020

INDUSTRY NEWS
L-R: Country Chair / Managing Director of Total Upstream Companies in Nigeria, Mike Sangster; Chairman and Chief Executive Officer of TOTAL, Patrick
Pouyanne; Honorable Minister of State for Petroleum Resources, Chief Timipre Sylva; President, Exploration & Production, Arnaud Breuillac; Deputy Managing
Director, Deepwater District, Ahmadu-Kida Musa and Senior Vice President, E&P Africa, Nicolas Terraz
Total’s Investment Portfolio for Deepwater Projects in
Africa Hits $160 billion
Mi k e S a n g s t e r , M a n a g i n g
Director, Total E&P Nigeria
Limited, has said that the company
have made a huge invesment in
deepwater exploration activities in Africa
and is ready to increase its investment
drive in the region.
Sangster made this declaration during a
panel session at the 4th Sub-Saharan
Africa International Petroleum Exhibition
and Conference (SAIPEC) in Lagos.
According to him, Total wants to continue
to be the leader in the African oil and gas
space.
He said: "We had spent $160 billion in
deep water exploration activities in Africa
in the last 10 years. While, 20 per cent of
the amount was spent in Nigeria,
reiterating Total’s commitment to
increasing investment in the oil rich
nation.”
Sangster said Total has been having a
business discussions with the Nigerian
National Petroleum Corporation (NNPC)
and is fully ready to assist Nigeria in
achieving its target of producing three
million barrels of crudeoil per day.
In the past, Total CEO, Patrick Pouyanne led a
high-powered delegation, comprised of the
President, Exploration &
Production, Arnaud Ibreuillac, Senior Vice
President, Total E&P Africa, Nicolas Terraz,
Country Chair / Managing Director of Total
Upstream Companies in Nigeria, Mike
Sangster, Deputy Managing Director,
Deepwater District, Ahmadu-Kida Musa and
Executive Director, Corporate Affairs &
Services, Abiodun Afolabi, in a strategic visit to
Nigeria where he met the Honorable Minister
of State for Petroleum Resources, Chief
Timipre Sylva.
Pouyanne said the Group is commitment to
deepening investments in the country, stated
that “Nigeria has a big potential that has not
been fully explored and TOTAL is ready to
open discussions for new licenses.
He said: “Nigeria is important to the TOTAL
Group as the country now represents about
10% of the Group’s global production. Nigeria
has a lot of prolific oil fields and Total would
gladly carry out exploration activities if the
government grants the licence”.
He further stated that TOTAL will continue to
invest more and it is imperative to have
conversations that will ensure a rewarding
investment structure. He also reiterated the need
for reinvestments stemming from the return on
earlier investments with a focus on the practicality
of the Egina Field while noting that “in a show of
commitment, TOTAL is committed to
reinvestments in the country from the proceeds of
the Egina venture.”
Nicolas Terraz, Senior Vice President, Total E&P
Africa said: "Africa is a key continent: It represents
one quarter of our Upstream production and one
third of our capital expenditure. Africa is also a
place where we have continued to invest, even in
the low part of the cycle.
"There is a bright future for oil and gas, and solar,
and in fact all forms of energy in Africa. Africa is
richly endowed with all these forms of energy.
There definitely is room for further oil
developments in Africa"
Ahmadu-Kida Musa, Deputy Managing Director,
Total E&P Nigeria commented: "Commitment
through the lower cycle has always been Total’s
strength. That belief in our long-term affiliation
with Africa, the long-term commitment, and
knowing fully well that we are there for Africans, is
what truly forms Total’s boldness in investing in
the very lower part of the cycle, knowing fully well
that it will never be permanent"
Total has been operating in Africa for 90 years and
have been able to evolve on the energy markets,
being active in renewables, oil and gas industry.
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OIL AND GAS REPUBLIC I SPECIAL EDITION